Indian IT consulting firms are seeking to implement a blockchain application that could greatly benefit their clients in the financial sectors.
The “disruptive technology” is “a game-changer,” said a senior executive at Infosys, who has worked with a team of 20 Infosys employees in Palo Alto and Bengaluru offices to evaluate possible blockchain applications that could help clients.
“The thing with this (Blockchain) is that we still do not know the full technology impact it can have. More than just knowing the payments, we can get insights in legal documents, or use for even credit-worthiness of parties. All this obviously makes your (core banking) product stand out.”
Following the trend, several Indian software services providers and IT consulting giants — Cognizant Technology Solutions Corp., Tara Consultancy Services Ltd., and Infosys Ltd. — have shifted their focus of investments to Bitcoin’s blockchain technology. They have begun to explore its use cases, and the potential implementation of the blockchain technology in their day-to-day operations.
While bank transfers and settlement of payments normally take three days,